KindlyMD shares have dropped after it filed for a $5 billion equity offering program to fund its Bitcoin treasury strategy.
Shares in the Healthcare company KindlyMD dropped on Tuesday after it announced a $5 billion at-the-market equity offering program to raise funds to expand its Bitcoin holdings.
The healthcare services company, which recently merged with Nakamoto Holdings and adopted a Bitcoin (BTC) treasury strategy, said on Tuesday that it filed with the Securities and Exchange Commission to issue and sell up to $5 billion worth of common stock through its program.
The company plans to use proceeds for general corporate purposes, including BTC accumulation, working capital, acquisitions, capital expenditures, and investments in projects.
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